New Delhi, November 2, 2026 (Yes Punjab News)
The Congress on Monday demanded an immediate suspension of the proposed sale of IDBI Bank to Canada’s Fairfax Financial Holdings and sought a Joint Parliamentary Committee (JPC) investigation, alleging serious irregularities, questionable valuation and lack of transparency in the disinvestment process.
Addressing a press conference, senior Congress leader and former Rajya Sabha MP Shaktisinh Gohil alleged that the proposed acquisition effectively involved the bank being purchased with its own money.
Citing a conversation between an analyst and Fairfax Chairman Prem Watsa and President Peter Clarke, Gohil claimed that the company’s payment plan involved an initial investment followed by the use of IDBI Bank’s own resources to finance the remaining amount.
Questioning the government’s valuation process, he said the bank’s shares were initially valued at ₹94.42 each, but the valuation was subsequently reduced to ₹75 after bids from only two prospective buyers were opened. He alleged that the government was now projecting the proposed deal at ₹81 per share as a favourable transaction.
Gohil demanded the public release of both the original and revised valuation reports, along with complete details of the second bidder and the proposed buyer’s funding arrangements.
He also recalled an assurance given by then Finance Minister Jaswant Singh in Parliament in 2003 that the government’s stake in IDBI Bank would never fall below 51 per cent. Gohil alleged that the commitment had effectively been abandoned.
Highlighting the bank’s financial performance, the Congress leader claimed that IDBI Bank had earned profits of ₹30,105 crore between 2021 and 2026. He also questioned the proposed sale in view of its substantial real estate holdings, including 29 valuable properties and around 50 acres of land in Hyderabad’s Cyber City.
Gohil further warned that the loss of public sector status could adversely affect reservation benefits and employment opportunities for Scheduled Castes, Scheduled Tribes, Other Backward Classes, persons with disabilities and women.
Questioning the silence of the RSS and Swadeshi Jagran Manch over the proposed transaction, he reiterated the party’s demands for an immediate halt to the disinvestment, a JPC investigation and full disclosure of the financial and valuation details.
FOLLOW NOW
